Tadhamon Bank gears up for the open banking era with Azentio Software’s iMAL R14.5
iMAL latest version to accelerate digital transformation and deliver a seamless omnichannel experience
SINGAPORE, Oct. 16, 2023 /PRNewswire/ — Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners announced today that Yemen-based Tadhamon Bank, one of the largest Islamic financial institutions in the Middle East and North Africa (MENA) region, upgraded to and is live with the latest version of iMAL, Azentio’s industry-leading digital Islamic core banking platform.
This cutting-edge version of iMAL with its key business functionalities and a flexible and agile core processing engine will accelerate Tadhamon Bank’s transformation to a digitally advanced bank. iMAL’s multi-threading proficiencies at various levels, will deliver high data volume processing capabilities and enable parallel processing of records. Its web services features will power seamless integration with multiple connected channels. These leading features will maximize agility in the bank’s internal operations, enable interoperability across systems, facilitate business scalability, and speed up time to market for new products. The bank can drive digital innovation and resource efficiency to create new opportunities for its business.
Qasem Mohammed, IT Manager at Tadhamon Bank, said, “Our bank has been running on iMAL since 2010. We acknowledge the contribution of the platform in our eventful and successful journey so far. Islamic banking is now on the cusp of a digital revolution, and in this context, with the upgrade to iMAL R14.5, we intend to leverage the best of digital banking features to meet the ever-rising expectations of our customers. The upgrade also includes several specific features that will help us smoothly adhere to the evolving regulatory regime governing Islamic finance, a critical requirement for us in a fiercely competitive segment.”
L Guru Raghavendran, Senior Vice President, Banking & Capital Markets at Azentio, added, “We take great pride in our enduring partnership with Tadhamon Bank and our role in their transformation into a leading Islamic financial services provider in the region. The bank’s transition to iMAL R14.5, a cloud-ready solution built on an open platform with extensive functionalities, is poised to revolutionize digital banking for millions of customers while upholding the highest standards of Sharia compliance.”
Digital transformation is at the core of this upgrade. Tadhamon Bank can now serve more regions in Yemen without adding new physical branches and can better its service standards by offering frictionless customer experiences.
iMAL is the first and only software certified by the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI). The R14.5 version is cloud-enabled, fully scalable with an n-tier architecture, and supports open banking and digital transformation; providing a truly omnichannel experience, by leveraging artificial intelligence (AI), blockchain, and other new technologies. Click here to learn more about iMAL.